Indian equity indices traded lower in opening deals on Tuesday after two consecutive sessions dragged by consumer goods, technology and bank stocks. Domestic indices took cues from Asian markets, with most of them falling after an overnight slump on Wall Street.
However, global markets struggled to find a strong direction as US stock futures and Japan’s Nikkei were up.
Back home, the 30-share BSE Sensex fell 179 points or 0.33 per cent to 54,341 in opening session, while the broader NSE Nifty was trading 53 points or 0.33 per cent lower at 16,225.
Mid- and small-cap stocks were trading on a mixed note as Nifty Midcap 100 declined 0.08 per cent and small-cap by 0.19 per cent.
Of the 15 sector gauges compiled by the National Stock Exchange, 11 were trading in the red. The sub-indices Nifty IT, Nifty Bank and Nifty FMCG were underperforming on the NSE platform, falling 0.26 per cent, 0.31 per cent and 0.39 per cent, respectively.
On the stock-specific front, HDFC Life was the top Nifty top as the stock fell 0.94 per cent to Rs 537.65. SBI Life, Tata Consumer Products, Nestle India and Asian Paints were also among the laggards.
However, the overall market breadth was positive as 1,733 shares were leading while 843 were falling on the BSE.
Infosys, HCL Tech, Nestle India, Asian Paints, Tech Mahindra, Bajaj Finserv, L&T, ICICI Bank, Titan, HDFC Bank, Bajaj Finance and Hindustan Unilever were among the top losers in the 30-share BSE index.
At the same time, shares of Life Insurance Corporation of India (LIC), the country’s largest insurance company and the largest domestic financial investor, were trading 0.39 per cent lower at Rs 693.65.
In contrast, Tata Steel, Mahindra & Mahindra, UltraTech Cement, Bharti Airtel, Maruti and Sun Pharma were trading in the green.
On Monday, the Sensex closed 760 points or 1.41 per cent higher at 54,521, while the Nifty was up 229 points or 1.43 per cent at 16,279.